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The gold prices in Asia rose after the rebel attack on the two major cities of Iraq. The rebels got the control of these major cities and started attack on the security forces. These major cities are rich in the oil production therefore it is considered as a big loss for Iraq and its economy.

Iraq is a republic, which is situated in West Asia. The currency of the country is dinar and its capital is Baghdad. Its official language is Arabic and Kurdish is also spoken widely. 2003 appeared a bad year in Iraq as US troops invaded Iraq in the result of a claim that Iraq did not give up completely its nuclear weapons.

Iraqi Dinar 123 News:- After remaining at boom in the Asia and other developing countries, the oil prices decreased in the international market more than 1%. In the beginning the prices were increased in the global market due to sudden changes in Iraq when militants attacked Iraq.

Iraq is the second largest oil producer in the world after Saudi Arabia. Therefore economy of Iraq impacts directly the international oil market and indirectly the economies of the other developing countries in Asia and Africa. The Brent oil has increased in the international market for last 4 weeks due to crisis in Iraq.

The gold prices went down on Tuesday. This happened with the stocks of Asia which rose and remained above the level of $ 1300 per ounce. This happened within the tensions that are hovering in the conflict in the Ukraine and Gaza area. This increased the demand of expensive metals as an asylum. Despite the conditions in these areas, everything is still in demand.